The XRP Ledger Foundation’s (XRPLF) Thomas Silkjaer, head of analytics and compliance, draws attention to an odd XRP-related event that occurred on Poloniex in 2014, the first cryptocurrency exchange.
According to Silkjaer, Poloniex just acquired more than 275,000 XRP by eliminating more than 15,000 outdated XRP accounts. He continues by saying that this figure is currently increasing and that as a result, fees have burnt more than 30,000 XRP.
The latest current news, which Silkjaer provides in response to his tweet, is that 17,000 XRP accounts have now been deactivated. He points out that Poloniex appears to have more than 84,000 XRP accounts in total, which might experience a similar fate, as per current XRPL statistics.
This is the largest rise in account deletions ever recorded, claims XRP Scan, the leading XRP Ledger explorer and network analysis platform. The account deletion rate significantly increased, with the biggest increase occurring between May 2020 and August 2023, according to a copy of the chart that the network analytics platform released.
Nevertheless, as observation suggests that these accounts could be dormant, there might not be as much cause for concern.
Senior staff software engineer at Ripple Neil Hartner noted that a large number of the removed accounts appeared to have lain idle since 2017. Because Circle bought Poloniex in early 2018 and sold it in 2019, he claims that this may be intriguing.
This viewpoint was shared by Silkjaer, who affirmed, “Yea, I believe they migrated to a destination tag-based model at some point.”
XRP Ledger Services, which tracks the expansion of XRPL, reports that there are now 4,720,218 XRP accounts. These accounts contain 58,083,623,899 (58 billion) XRP in total. Only 1,043 accounts now have no XRP in them.
The five million account milestone was attained by XRPL, according to a May article by Silkjaer.
